Discovery Ventures, Inc. (OTCQX: DTVMF) is an exploration and development stage mining company focused on the WillaMax gold project in southeast British Columbia, Canada. The Willa property is highly developed, with current measured and indicated resources of over 758,000 metric tons grading 6.67 grams of gold per unit. The Max project, which is located approximately 135 kilometers away from the Willa project, features the necessary infrastructure to effectively process the company’s mined resources, providing Discovery with financially-viable means of production moving forward.
Earlier this month, the company announced the results from the recently completed test work program on the Willa Mine. According to the news release, the test, which was conducted by MetSolve Labs, found the metallurgical recoveries from the site’s intermediate grade mineral samples to be greater than indicated by historical records. In the weeks to come, the company will look to build on these strong results as testing on the site’s high grade and sub-grade samples begins.
“We are encouraged by these results,” Akash Patel, president and chief executive officer of Discovery, stated in a news release. “These findings signal a positive outlook for our company’s WillaMax project’s production potential.”
The Willa property has been explored sporadically since 1893. In 2003, a mineral resource calculation was completed on the property based on historical drilling results. Two years later, a preliminary mine design and schedule was developed, but the prevailing metal prices didn’t yield a sufficient return to make production a feasible option. However, an increase in gold prices of approximately 280 percent in the last decade has effectively limited this concern, making the property a potentially lucrative opportunity for Discovery in the future.
In recent weeks, Discovery took a major step toward production by entering into a definitive agreement with investor Dan Omeniuk for up to $7 million in convertible credit. With the proceeds from these credit facilities, the company will look to rapidly advance.
“We are very excited to have Dan Omeniuk join the Discovery team,” continued Patel. “Dan brings a wealth of knowledge and entrepreneurship success and we are confident in his ability to spearhead and advance the WillaMax gold project.”
For more information, visit www.discoveryventuresinc.com
